Grade 6 Banks and Simple Interest
Interactive step-by-step solver for understanding banks and calculating simple interest.
Interactive step-by-step solver for understanding banks and calculating simple interest.
Learn about banks and simple interest through these example problems with detailed step-by-step solutions.
Calculate the simple interest on a principal of ₹1000 at a rate of 5% per year for 2 years.
Principal (P) = ₹1000, Rate (R) = 5%, Time (T) = 2 years.
\( \text{SI} = \frac{\text{P} \times \text{R} \times \text{T}}{100} \).
\( \text{SI} = \frac{1000 \times 5 \times 2}{100} = \frac{10000}{100} = 100 \).
Find the amount after depositing ₹2000 at a rate of 4% per year for 3 years.
Principal (P) = ₹2000, Rate (R) = 4%, Time (T) = 3 years.
\( \text{SI} = \frac{\text{P} \times \text{R} \times \text{T}}{100} = \frac{2000 \times 4 \times 3}{100} = 240 \).
\( \text{Amount} = \text{P} + \text{SI} = 2000 + 240 = 2240 \).
The simple interest earned is ₹150 at a rate of 6% per year for 2 years. Find the principal.
Simple Interest (SI) = ₹150, Rate (R) = 6%, Time (T) = 2 years.
\( \text{SI} = \frac{\text{P} \times \text{R} \times \text{T}}{100} \).
\( \text{P} = \frac{\text{SI} \times 100}{\text{R} \times \text{T}} \).
\( \text{P} = \frac{150 \times 100}{6 \times 2} = \frac{15000}{12} = 1250 \).
A principal of ₹5000 earns ₹750 simple interest over 3 years. Find the rate of interest.
Principal (P) = ₹5000, Simple Interest (SI) = ₹750, Time (T) = 3 years.
\( \text{SI} = \frac{\text{P} \times \text{R} \times \text{T}}{100} \).
\( \text{R} = \frac{\text{SI} \times 100}{\text{P} \times \text{T}} \).
\( \text{R} = \frac{750 \times 100}{5000 \times 3} = \frac{75000}{15000} = 5 \).
A person deposits ₹3000 in a bank at 8% per year for 1 year. Find the interest earned and the total amount.
Principal (P) = ₹3000, Rate (R) = 8%, Time (T) = 1 year.
\( \text{SI} = \frac{\text{P} \times \text{R} \times \text{T}}{100} = \frac{3000 \times 8 \times 1}{100} = 240 \).
\( \text{Amount} = \text{P} + \text{SI} = 3000 + 240 = 3240 \).
Enter your own simple interest problem, and get a step-by-step solution.
Note: This solver handles calculating simple interest (e.g., Principal ₹1000, rate 5%, time 2 years; find interest), finding the amount (e.g., Principal ₹2000, rate 4%, time 3 years; find amount), finding the principal (e.g., Interest ₹150, rate 6%, time 2 years; find principal), finding the rate (e.g., Principal ₹5000, interest ₹750, time 3 years; find rate), and real-world problems (e.g., Deposit ₹3000, rate 8%, time 1 year; find interest and amount). Enter the problem clearly.
Use formats like 'Principal ₹1000, rate 5%, time 2 years; find interest', 'Principal ₹2000, rate 4%, time 3 years; find amount', 'Interest ₹150, rate 6%, time 2 years; find principal', 'Principal ₹5000, interest ₹750, time 3 years; find rate', or 'Deposit ₹3000, rate 8%, time 1 year; find interest and amount'.